Analyst, Glenn Schorr, said, "Capital markets stocks recovered somewhat in June from their slide in May, although eurozone concerns remained at the forefront, US employment/GDP data were mixed, and capital markets activity was still sluggish. So far, 2012 feels like a repeat of 2010 and 2011, with the repeating pattern of strong 1Qs followed by sluggish trends in 2Q-4Q. Unfortunately, we think the macro overhang will be here for a while and though there could be some catalysts for activity in the near term, we don’t think investors will feel a need to rush back into the stocks in the short term. Among the brokers and universal banks, we favor C, JPM, and Goldman Sachs (NYSE: GS). Among the asset managers, we like Invesco (NYSE: IVZ) (our top pick) and BLK. The trust banks remain our least favorite group given ongoing top-line pressures."